The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1887-06-23
A GREAT BANK FAILURE.
THE FIDELITY NATIONAL AT GIN GIN
NATl CLOSES ITS DOORS.

spo uIation In ths Chicago Wheat Deal
the Cause OF the superintendent Ex-
eitement ON the strests--E. l. Harper,
the Cashier, Makes Assignment.
CINCINNATI, O., June 22.-The protracted
series of rumors Of difficulty in the Fidelity
National bank, Of this city, came into def
mite shape at a m, when the massive doors
of that financial institution on Fourth street,
failed to open as usual Rumors that E. L.
Harper, the handspring of the concern, had
offered to resign, aud that he had been asked
to resign, were about equal, and when few
minutes after o'clock the doors still re-
manned closed, a crowd began to gather and
intense excitement prevailed. The fact soon
dawned upon the minds Of all that the new
Fidelity had suspended.
The excitement continued to grow, and
the crowd increased, until posse of police
arrived on the scene, and compelled all to
move on, and repelled the more excited from
the doors. No one was admitted, not even
newspaper men and financial agents. Those
who did not heed the sign "VisitorS to safe
aSBOSlO uA1lAbS1A On houo41 WSL0 AOkSi'AJ
expelled from the bank. United States
Marshal Urner soon arrived and the ex-
aminer OF banks, UnisOd GATES officer,
later arrived frosn Washington.
N1.ater Oh John R. DeCamp, vice president
Of tie Metropolitan bank, was appointed re-
ceiver OF the Fidelity.
All that can be gathered OF the Fidelity
bank closing is from the outside. De 'ositors
III slo,, l..,. ,.slS -.
president and assistant cashier affirm chat
depositors will get dollar for dollar, but
many appear to doubt that affairs will turn
out quite so we'll 1t is very certain that
the stockholders will suffer heavy loss.
Various causes have been assigned for the
suspension ut this time. Upon excellent au-
thority it is learned that G.. NJ Jordan, a
government examiner, was making the
rounds of the local National banks last week
and by accident, or prompted by the rumors
and universal uneasness felt in relation to
the Fidelity, began an examination Of the
affairs Of that concern last Friday evening.
Last night the examination had reached
such point that the examiner, for reasons
which he discovered in the transactions Of
the concern, it Is said refecting upon Ger
tain bank officials in their connection with
the great Chicago wheat deal, notified these
concerned that after last night the vice pres
ident, E. L. Harper, and the two cashiers,
Ammi Baldwin and Ben. Z. Hopkins must
resign their official positions The order
from the examiner, being peremptory,
backed as he is by governmental authority
in securing government money in the insti-
tuition, was obeyed, and Messrs Harper,
Baldwin and Hopkins did not take their
usual stations behind the gilded railings in
the bank room this morning. Therefore the
doors did not swing upon their hinges III
obedience to the anxious creditors at the
hour of 8.
The officials of the bank are Briggs Swift
president; E. L. Harper, vice president;
Amm Baldwin, cashier, and Ben. E. Hop
klns, assistant cashier. Its place of business
is No "a West Fourth street, in the Emerys
st. Paul building 1t is the finest bank
building in the city, and has recently been
doing the biggest bank business. Its history
is short. The Safe Deposit & Trust COM
Tany was organized about four years ago
with Julius Dexter at its head. The stock
holders, some OF them, were dissatisfied with
the business, and about a year ago the stock
OF the concern was quoted at about 80. At
that time the Old fight in the Third National
bank originating in the Handy wheat deal,
eliminated in split. One party went out
of the Third National and took up the
Fidelity and converted it into the Fidelity
National bank. The new concern was
doomed, and straightway stock in the new
institutiod sprang up to considerably over
100 Its stock has for a long time been in
demand at prices ranging up to 167. it was
offered late last week at l4S, but nobody
wanted it; / 8 rumored connection with the
Chicago wheat had hurt its reputat on The
Fidelity, in booming things, offered induce
ments none Of the other banks did or could
offer. For instance, while other banks
gave per cent. to country banks depositing
there, the Fidelity gave l-2 The latter,
too, charged nothing for collections.